HDFC Bank Revises Credit Card Rules Effective August 1

India’s largest private sector bank, HDFC Bank, is set to implement new terms and conditions for its credit card holders starting August 1, 2024.

Updated Terms and Conditions for HDFC Bank Credit Card Holders

1. Charges on Rental Transactions Using Third-Party Payment Apps

A 1% fee on the transaction amount will be applied for all rental transactions conducted through third-party payment apps such as PayTM, CRED, MobiKwik, and Cheq. This fee is capped at ₹3,000 per transaction.

2. Charges on Utility Transactions

For utility transactions, fees will be applied as follows:

– Transactions below ₹50,000: No additional fees.

– Transactions above ₹50,000: 1% fee, capped at ₹3,000 per transaction.

3. Charges on Fuel Transactions

– Transactions below ₹15,000: No additional fees.

– Transactions above ₹15,000: 1% fee on the entire transaction amount, capped at ₹3,000 per transaction.

4. Charges on Educational Transactions

A 1% fee will be charged for educational transactions made through third-party apps like CRED, PayTM, etc., capped at ₹3,000 per transaction. International educational payments and transactions made directly through educational institutions’ websites or POS machines are exempt from this charge.

5. Charges on International Transactions

A markup fee of 3.5% will be levied on all international or cross-currency transactions.

6. Revision of Late Payment Charges

Late payment charges will now be based on the outstanding amount, ranging from ₹100 to ₹300.

7. Fees on Redeeming Rewards

A redemption fee of ₹50 will be charged for customers redeeming rewards as statement credit or cashback.

8. Finance Charge for Outstanding Balance

A finance charge of 3.75% per month will be applied for customers using revolving credit facilities, applicable from the transaction date until the outstanding balance is fully paid.

9. Easy-EMI Processing Fee

A processing fee of up to ₹299 will be charged for availing the Easy-EMI option at any online or offline store, making it slightly more expensive to convert purchases into EMIs.

Other Fees

HDFC Bank has also revised rules for Tata Neu Infinity and Tata Neu Plus credit cards, effective August 1, 2024. Users of the Tata Neu Infinity and HDFC Bank credit card will earn 1.5% NeuCoins on eligible UPI transactions done using Tata Neu UPI ID. Transactions made via other eligible UPI IDs will earn 0.50% NeuCoins. Tata Neu Plus HDFC Bank Credit Card holders will earn 1% NeuCoins on eligible UPI transactions using Tata Neu UPI ID and 0.25% NeuCoins on transactions using other eligible UPI IDs.